DETROIT -- General Motors remains in negotiations to buy a Chinese engine plant that was set up by South Korea's Daewoo Motor Co., a senior GM executive said Wednesday.
Fritz Henderson, president of GM's Asia-Pacific operations, denied reports that the talks had been called off.
"We're negotiating," Henderson told reporters at a briefing in Detroit. "There's a dance. We do have an interest in the plant."
Daewoo said in March that GM was set to buy the $228 million plant in Yantai in Shandong province, capable of producing 240,000 engines and transmissions a year, from its creditors.
Officials at the South Korean conglomerate had said talks hinged on a price for the Chinese engine venture, which GM said the ailing Asian auto maker wanted to sell.
GM and partners took a majority stake in some of the assets of Daewoo Motor last year, creating the new company GM Daewoo Automotive & Technology Co. Daewoo Motor now is liquidating assets not covered by the acquisition.